By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 25 (CNS Canada) – ICE Futures canola contracts were stronger at midday Thursday, recovering from earlier lows amid ideas that the losses were looking overdone.
Canola prices fell to some of their lowest levels in 13 months in early activity, before speculators returned to the buy side. End-user bargain hunting provided additional support, as weakness in the Canadian dollar helped crush margins improve.
However, declines in Chicago Board of Trade soybeans and soyoil put some pressure on values. The advancing Western Canadian harvest also limited the upside, as better weather this week has allowed farmers to make good progress in Alberta and Saskatchewan.
About 16,500 canola contracts traded as of 10:55 CDT.
